What Is the Cost of IFRS Certification

What Is the Cost of IFRS Certification?

What is the Cost of IFRS certification? The answer is multi-layered, involving more than just registration and exam fees. Each program comes with a unique structure of expenses, from course materials to coaching, and demands a substantial time commitment.

Additionally, the opportunity cost of studying—potentially delaying job market entry or impacting work-life balance—adds to the total investment. Let’s break down everything you need to know.

Understanding the Different IFRS Certifications

Here are some of the most popular IFRS certifications, each catering to different career stages:

• ACCA CertIFR: An entry-level, cost-effective option for those new to IFRS.
• ACCA DipIFR: More in-depth, suitable for professionals with an accounting background.
• AICPA IFRS Certification: Comprehensive and globally recognized, ideal for experienced accountants.
• ICAEW IFRS Certification: Advanced and thorough, designed for deep expertise.

Each program has unique fees and time requirements. Let’s dive into the costs.

Cost Breakdown for Each IFRS Certification

Summary Table: IFRS Certification Costs

Key Insights from the Comparison

• Monetary Cost: ACCA CertIFR is the cheapest, while ICAEW IFRS is the most expensive. AICPA IFRS offers good value, especially with Eduyush’s Indian pricing.
• Time Investment: AICPA IFRS saves time compared to ACCA DipIFR and ICAEW IFRS, making it appealing to busy professionals.
• Opportunity Cost: The opportunity cost for ACCA DipIFR and ICAEW IFRS is high due to the long study durations, which can potentially delay promotions or job market entry.
• Adaptability & Updates: AICPA IFRS is the most adaptable, offering affordable updates. ACCA qualifications require upgrading to stay relevant.
• Work-Life Balance Impact: ICAEW IFRS demands the most from your personal life, while ACCA CertIFR is more manageable. AICPA IFRS strikes a good balance.
• Market Demand & Recognition: AICPA IFRS leads global recognition, while ICAEW IFRS holds prestige in Europe. ACCA DipIFR is also well-respected internationally, but ACCA CertIFR is more essential.

Here's a detailed look at how much each IFRS certification could cost you.

Cost of ACCA CertIFR

• Course and Assessment Package: £285 (Approx. $350 or ₹29,000)
• Assessment Only Option: £175 (Approx. $215 or ₹17,800)
• What’s Included: Three exam attempts and access to study materials, all from your device.

Time Investment: 60-90 hours

Who It’s For is ideal for beginners wanting a foundational understanding of IFRS.

Check our guide on how to get certified in IFRS? 

Cost of ACCA DipIFR

• Registration Fee: £89 (Approx. $110 or ₹9,000) (free via eduyush)
• Exam Fee per Attempt: £143 - £150 (Approx. $175 - $185 or ₹14,500 - ₹15,500)
• Study Materials: BPP books cost around £30 (Approx. $40 or ₹3,000)
• Coaching Fees: Range from £100 to £400 (Approx. $120 - $480 or ₹10,000 - ₹40,000)
• Special Offer: Eduyush offers free registration (worth £89) if you take their DIPIFR online classes for £110 (approximately $135 or ₹ $11,000).

Total Cost: ₹36,500 - ₹75,000, depending on the number of attempts and coaching.

Time Investment: 150-300 hours

Who It’s For: Accountants aiming for a mid-level certification.

Read about ACCA DipIFR eligibility and registration here.

AICPA IFRS Certification

• Standard Fee: $1,345 (Approx. ₹110,000)
• Discounted Indian Pricing: Eduyush an AICPA channel approved partner offers the same course for $400 (Approx. ₹33,000)
• What’s Included: Course access, all study materials, and unlimited exam attempts within a year.

Time Investment: 60-100 hours

Who It’s For: Experienced professionals who need flexible, global recognition.

For AICPA IFRS certification reviews and Indian pricing details, click here.

ICAEW IFRS Certification

• Registration Fee: £1,500 - £2,000 (Approx. $1,900 - $2,500 or ₹165,000 - ₹205,000)
• What’s Included: Extensive course materials and exam fees.
• Additional Costs: You may incur extra costs for supplementary study resources.

Time Investment: 200-400 hours

Who It’s For Professionals seeking comprehensive, in-depth IFRS expertise.

Discover the best IFRS certification course for your needs.

Additional Cost of IFRS Certification to Consider Beyond Money

Cost isn’t just about money; it’s also about the time and opportunities you sacrifice. Let’s explore these hidden expenses.

Cost of IFRS certification on Time Investment

• ACCA CertIFR: 60-90 hours
• AICPA IFRS: 60-100 hours
• ACCA DipIFR: 150-300 hours
• ICAEW IFRS: 200-400 hours

Impact: Time Investment

• Missed Work Opportunities: Dedicating 200-300 hours to a course like ACCA DipIFR could mean missing crucial projects or promotions at work.
• Consider Alternative Qualifications: If you’re making such a significant time sacrifice, investing those hours in a more comprehensive certification might be more strategic.
• CMA US or Enrolled Agent: Both qualifications require similar study hours (CMA: 250 hours, EA: 300 hours) but could provide broader career benefits.
• Comparable Recruiter Perception: From a recruiter’s perspective, the outcomes of certifications like AICPA, ACCA, or ICAEW are often viewed similarly. Therefore, investing in a more impactful qualification might yield better long-term results.

Impact on other costs and ROI

• Opportunity Cost: The 150-300 hours required for ACCA DipIFR could delay crucial career opportunities, as these study hours could be better spent on work projects or career advancement.
• Work-Life Balance: Intensive programs like ACCA DipIFR can disrupt personal life and increase stress. Make sure you can handle the impact on your commitments.
• Delayed Career Progression: Long study commitments might slow promotions or reduce productivity. AICPA IFRS, being shorter, allows you to refocus on your career sooner.
• Relevance and Applicability: ACCA CertIFR provides foundational knowledge that may not benefit your current role. ACCA DipIFR and AICPA IFRS offer more applicable skills for senior positions.
• Market Demand: It's crucial to consider the global respect and preference for AICPA IFRS. ACCA CertIFR may not have the same impact, so it's wise to choose a certification based on what your market values most.

Cost of IFRS certification due to Adaptability and Continuous Learning

IFRS standards change frequently. Staying relevant requires ongoing education, which adds time and financial costs. Here’s how each certification handles updates:

• ACCA CertIFR: You can’t retake the exam for updates. You’d need to upgrade to ACCA DipIFR to stay current, which means additional costs.
• ACCA DipIFR: Once completed, the only way to stay relevant is to pursue an advanced certification like AICPA IFRS, costing another $400.
• AICPA IFRS offers an assessment update every two years for just $50. This makes it cost-effective and keeps your knowledge fresh, boosting your appeal to recruiters.

How Recent IFRS Certifications Boost Recruiter and Algorithm Preferences

• Recruiter Preference: Recruiters are 70% more likely to prioritize candidates with certifications reflecting the latest IFRS standards.
• Job Search Algorithms: Recent certifications can boost your profile ranking by up to 50% in job search algorithms, making you more visible to employers and increasing your chances of being shortlisted for top roles.

Conclusion on Cost of IFRS Certification

The Cost of IFRS certification includes much more than just exam fees. It would help to consider time, opportunity costs, and ongoing education. While ACCA CertIFR is the most affordable, AICPA IFRS offers quicker completion and update flexibility, making it a smart choice for busy professionals. Weigh financial and non-financial factors to decide which certification aligns with your career goals.

Ready to choose your IFRS certification? Compare all options and invest wisely in your professional future.